Firm may sell Chicago's Tribune Tower
Chicago’s landmark Tribune Tower may be going up for sale, its owner has announced.
Tribune Media has hired a property investment banking firm to explore the sale of its headquarters that sits on three acres along the Windy City’s Michigan Avenue.
Tribune Real Estate president Murray McQueen said the building was expected to attract interest from “a broad range of private and institutional investors and developers”.
The 36-storey neo-Gothic building houses the Chicago Tribune newspaper and other tenants. The building has 737,000 square feet, but the entire site is zoned for up to 2.4 million square feet.
Pieces of the Parthenon, the Great Wall of China and the Alamo are among nearly 150 stones from landmarks around the world embedded in the tower’s facade.
Other stones are from the Taj Mahal, the Colosseum, the Cave of the Nativity in Bethlehem and a piece of steel recovered from New York’s World Trade Centre.
Raymond Hood and John Mead Howells’ Gothic Revival building was completed in 1925 after the pair won an international design competition to create “the most beautiful office building in the world”.
Banking company Eastdil Secured will explore a sale or find a partner to help redevelop Tribune Tower.
Tribune Media spun off its publishing division, including the Los Angeles Times, last year to focus on its broadcasting business.
